The rise of Google Inc. (NASDAQ: GOOG) has been monumental of late. Analysts have been forcing their price targets higher after Google keeps a huge lead in internet search and as Android keeps gaining market share in the smartphone universe.
Does it seem unusual that Chairman Eric Schmidt has been selling millions and millions of dollars worth of Google stock? It may just be tax or estate planning as Schmidt is a routine seller of shares. We would also note that Schmidt is frequently selling shares under an insider share sale plan. Still, the tally here is a rather large one. Below are some filing dates and amounts of shares of sold (by size):
- Sept. 24 sold 63,592 shares worth $47.33 million
- Sept. 26 sold 44,742 shares worth $33.69 million
- Sept. 25 sold 31,602 shares worth $23.91 million
- Sept. 25 sold 22,001 shares worth $16.65 million
- Sept. 24 sold 6,193 shares worth $4.62 million
- Sept. 24 sold 2,326 shares worth $1.73 million
- Sept. 25 sold 1,897 shares worth $1.43 million
- Sept. 26 sold 1,812 shares worth $1.36 million
The average share sale prices were in the $730+ to $750+ ranges and the total comes to more than $130 million in gross sale proceeds. Dr. Schmidt still owns more than $1 billion worth of direct shares and more than that in a separate partnership account. Google shares are around $756 today and the stock almost hit a new all-time high of $766 this morning.
JON C. OGG